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Financial Management
Test Description: Final Exam Review #1
Instructions: Answer all questions to get your test result.
1) An example of a short term goal is:
A
Saving for 5 years for a $3000 dream vacation to Italy
B
Saving for 2 months for an $80 outfit
C
Saving for 3 years for a $1500 car down payment
2) Victor wants to save $100 over the next 4 months for a lift ticket to go skiing. How much should he save each month in order to meet his goal?
A
$25 a month
B
$400 a month
C
$50 a month
3) Salena wants to save $2400 over the next 2 years to pay for a trip to Mexico to visit family. How much will she need to save each month in order to reach her goal?
A
$83.33
B
$100
C
$1000
4) Housing is an example of a(n):
A
Want
B
Need
C
Income
5) The amount Travis spends in gas every month changes based on gas prices and how much he drives. This would make gas an example of a:
A
variable expense
B
fixed expense
C
periodic expense
6) Which of the following is one of the steps in creating a budget?
A
Create a spending chart for special events like birthdays and holidays.
B
Use percentages to see how much of the total income should be set aside for each expense.
C
Create a table for cash gifts and gift cards you receive.
7) John wants to budget 20% of his income for savings. If he makes about $1,600 each month, how much of his budget will be savings?
A
$400
B
$320
C
$160
8) Which financial institution usually has the highest interest rates?
A
commercial banks
B
payday loans
C
credit unions
9) Tommy has a basic account that allows him to deposit and withdraw money, write checks, and receive a monthly statement with no service charge if he maintains a minimum balance of $250. What type of account is this?
A
Checking Account
B
Retirement Plan Account
C
Savings Account
10) Pam is ready to reconcile her bank statement with her check register. What should she do?
A
Add outstanding checks made since the statement.
B
Subtract deposits made since the statement.
C
Add outstanding deposits and subtract outstanding checks written since statement.
11) A __________________ is a for profit financial institution that is run by share holders.
A
commercial bank
B
credit unions
C
retirement account
12) A ____________________ is a nonprofit financial institution that is run by its members.
A
pay day loan
B
commercial bank
C
credit union
13) Nellie earns $10.00 per hour. During this pay period she worked 36 hours. How much was her gross pay?
A
$360
B
$36
C
$540
14) Pay for work beyond 40 hours in a work week is called ______ _____.
A
gross pay
B
net pay
C
overtime pay
15) A fixed amount of money paid to a worker for each item satisfactorily produced or assembled or each action satisfactorily completed is a _______________.
A
hourly wage
B
production rate
C
piece rate pay
16) Jen makes widgets at a factory. If she can make 400 widgets in 8 hours, what is her hourly production rate?
A
50 widgets per hour
B
5 widgets per hour
C
3200 widgets per hour
17) Mark assembles widgets at a factory. He makes $.10 for each widget that he correctly assembles. The production rate is 80 widgets an hour. What is John's gross pay for an 8 hour shift if he meets this production rate?
A
$80
B
$640
C
$64
18) Sara earns $10.00 an hour. She worked 40 hours this pay period. Her gross pay was $400.00. She had the following deductions taken from her pay stub ($60.00 in Federal Income Tax, $28.00 in State Income Tax, $30.60 in FICA). What is Sara’s net pay?
A
$118.60
B
$518.60
C
$281.40
19) The federal program that assists older Americans with insurance and income is called _____.
A
State Income Tax
B
Federal Income Tax
C
FICA (Federal Insurance Contribution Act)
20) Jerry’s gross pay for this pay period was $525.00. He had the following deductions taken from his pay check ( Federal Income Tax $78.75, State Income Tax $36.75, FICA $40.16). What is his net pay?
A
$369.34
B
$525.00
C
$155.66
*select an answer for all questions
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